We make decisions every day for which we may not have full information. Not all such decisions lead to negative consequences, however. For example, scientists still know very little about why aspirin has its beneficial ...

This paper incorporates a Bayesian learning model into a hedonic framework to estimate the value that residents place on avoiding cancer risks from hazardous-waste sites. We show that residents are willing to pay to avoid ...

The original emphasis of risk-utility analysis on the need for balanced
decisions with respect to product liability is a correct and fundamental
principle. Moreover, many traditional factors that have
been considered ...

In this paper, I will explore the decision to regulate natural and synthetic chemicals. To what extent are regulatory decisions driven by the severity of the risk as opposed to the character of the risk exposure? The ...

Although the design of risk regulations has not yet attained what might be termed the economist's ideal of maximizing the difference between benefits and costs, substantial progress has been made in the design of regulatory ...

Product liability law is intended to create an environment that fosters safer products. However, this law often has adverse consequences. Some of the problems stem from the inherent nature of product risk decisions and the ...

Two developments pose dilemmas for well established discounting techniques: (1) The
extremely long time horizons associated with recently prominent environmental policy problems, such as climate change and nuclear waste ...